Having addressed about 4000 doctors regarding personal finance here is my summary of what I wish to tell the doctors. Of course those who attend my session know the 5 takeaways that I give at the END OF THE PROGRAM. This is something different…Here read on..

Personal Finance is about Persons (emotion) and less about Finance (math): Most doctors understand that finance is simple, but they are NEVER told that it is their behavior and understanding that gives them wealth, not their Intelligence.

When Debt is a problem and weighs on YOUR mind, pay off the debt: Using math I can always prove that investing is better than paying off the debt. However a doctor is CONVINCED in his mind that he should be ‘debt free’. So if your ability to understand Math is a little limited and you have not heard of words like ‘Net Worth’ you are better off paying off the debt FIRST.

Be Focused on your Goals: Most doctors are NOT focused on their goals – buying a bigger clinic, paying off debt, creating a big corpus, …or whatever. They treat personal finance as a time pass activity.

Most doctors (if not all) will surely benefit from personal finance advise: even though I do tell doctors that they can buy a term insurance and invest in index funds, I still do think that they need an IFA to start them off. Or they will never start – the intention may never get converted to action.

Doing something is fine, suddenly these very doctors with poor understanding THINK they have become advisors. I find it funny that many doctors give advice on which share to buy, when to buy, when to sell….etc. I find it very shocking!

At current prices you can get about 5% without withdrawals..in a debt scheme. Anythin above that is a bonus. In shares or non debt mutual funds make it about 11% !!